state the circumstances leading to the adaptation to the new economic policy in 1991. question of 9th . please answer in 15 lines
Answers
Answer:
The main reasons to adopt new economic policy of 1991 were the following crises which Indian economy had to face:
(i) Fiscal crisis.
(ii) Rise in internal debt.
(iii) Fall in growth rate of GNP.
(hi) Negative growth in agriculture sector.
(v) Rise in inflation rate.
(vi) Shrinking of foreign trade.
(vii) Fall in foreign reserve.
(viii) Fall in credit-worthiness of financial institutions from AAA to BBP.
(ix) Pledge of gold by RBI and SBI.
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The main reasons to adopt new economic policy of 1991 were the following crises which Indian economy had to face:
(i) Fiscal crisis.
(ii) Rise in internal debt.
(iii) Fall in growth rate of GNP.
(hi) Negative growth in agriculture sector.
(v) Rise in inflation rate.
(vi) Shrinking of foreign trade.
(vii) Fall in foreign reserve.
(viii) Fall in credit-worthiness of financial institutions from AAA to BBP.
(ix) Pledge of gold by RBI and SBI.